Core Viewpoint - The adjustment of the VAT tax category for telecom services will significantly impact the revenues and profits of the three major telecom operators in China starting from January 1, 2026, with an estimated net profit impact exceeding 10 billion yuan [1][4]. Group 1: Tax Adjustment Impact - The Ministry of Finance and the State Taxation Administration announced that the VAT rate for telecom services will increase from 6% to 9% [1]. - Independent telecom analyst estimates that the net profit impact on the three major operators could exceed 10 billion yuan in 2026 [2][4]. - The three major operators (China Mobile, China Unicom, China Telecom) have not disclosed specific details regarding the extent of the impact on their financial performance [1][2]. Group 2: Market Reaction - Following the announcement, shares of the three major telecom operators experienced declines: China Mobile down 3.86% to 92.66 yuan, China Unicom down 5.48% to 4.83 yuan, and China Telecom down 4.33% to 5.74 yuan [2]. Group 3: Business Revenue Breakdown - The adjustment affects key telecom services including mobile data, SMS, and broadband access, which are crucial to the operators' business [3]. - In 2025, the total telecom business revenue is projected to reach 1.75 trillion yuan, with significant contributions from mobile data and broadband services [3]. Group 4: Future Business Directions - The three operators have outlined their future business strategies focusing on digital intelligence, computing power, and service enhancement [5][6]. - China Telecom aims to implement a comprehensive strategy for cloud and digital transformation, while China Mobile focuses on strengthening communication and intelligent services [5][6]. - China Unicom emphasizes building differentiated advantages in connectivity, computing power, and security [6].

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]

Group 1 - The market witnessed significant volatility in February, with a notable decline in gold and silver prices, attributed to market reactions to potential changes in U.S. Federal Reserve leadership and monetary policy [8][6]. - Gold prices dropped from 5600 to 4682, while silver experienced a nearly 40% intraday pullback, indicating severe market stress and liquidity issues [6][8]. - The decline in gold is not fundamentally driven but rather a result of liquidity squeeze and increased implied volatility, with the market reacting to Trump's nomination of a Fed chair with a history of advocating for interest rate cuts and balance sheet reductions [8][10]. Group 2 - The telecommunications sector is facing increased tax burdens as the VAT rate for telecom services is set to rise from 6% to 9%, which will impact revenue and profit margins for major operators [14][15]. - Major telecom companies, including China Unicom, China Telecom, and China Mobile, experienced significant stock price declines following the announcement, with China Unicom's H-shares dropping over 11% at one point [14][15]. - The adjustment in tax policy may lead to a shift in industry dynamics, potentially reducing inefficient competition and encouraging a focus on technological innovation and high-quality services [14]. Group 3 - The real estate sector is under severe pressure, exemplified by Vanke's projected net loss of 82 billion, marking a 65.7% increase in losses compared to the previous year, which is expected to be the largest annual loss in A-share history [12][13]. - This situation reflects the broader challenges facing the real estate industry, with recovery dependent on both individual company strategies and overall market stabilization [12][13]. Group 4 - The liquor industry, particularly high-end brands like Moutai, is showing signs of recovery with price stabilization and potential for valuation improvement, despite ongoing challenges [17][18]. - The liquor sector is characterized by low expectations, low valuations, and low holdings, with public fund holdings in liquor stocks at a historical low of 3.93% [17][18]. - Analysts suggest that 2026 may present a bottoming opportunity for the industry, with expectations of a recovery phase beginning to emerge [18][19].

中央纪委国家监委网站讯 据中央纪委国家监委驻中国移动纪检监察组、吉林省纪委监委消息：日前， 经中央纪委国家监委批准，中央纪委国家监委驻中国移动纪检监察组、吉林省松原市监察委员会对中国 移动通信集团内蒙古有限公司原党委委员、副总经理韩伟严重违纪违法问题进行了立案审查调查。 经查，韩伟身为国有企业领导干部，理想信念丧失，纪律和规矩意识淡漠，违反政治纪律，对抗组织审 查；违反中央八项规定精神，频繁违规收受礼品礼金，多次违规接受宴请和旅游安排；违背组织原则， 违反干部选拔任用规定，多次在员工录用、岗位调整工作中违规为他人谋取利益；廉洁意识淡薄，在交 通、生活等方面谋取特殊待遇，违规公款报销个人费用，利用职权为特定关系人谋利；违反工作纪律， 插手干预采购活动。利用职务便利帮助他人承揽项目和业务，并非法收受巨额财物，涉嫌受贿犯罪。 韩伟严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律，构成严重职务违法并涉嫌受贿犯罪，且 在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条 例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国移动通信 集团有限公司党组研 ...

孙超严重违反党的组织纪律、廉洁纪律、工作纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八 大、十九大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条 例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国移动通信 集团有限公司党组研究，决定给予孙超开除党籍处分；由中央纪委国家监委驻中国移动纪检监察组给予 孙超政务开除处分；收缴其违纪违法所得。云南省怒江傈僳族自治州监察委员会将其涉嫌受贿犯罪问题 移送检察机关依法审查起诉，所涉财物随案移送。 中央纪委国家监委网站讯 据中央纪委国家监委驻中国移动纪检监察组、云南省纪委监委消息：日前， 经中央纪委国家监委批准，中央纪委国家监委驻中国移动纪检监察组、云南省怒江傈僳族自治州监察委 员会对中国移动通信集团云南有限公司原党委委员、副总经理孙超严重违纪违法问题进行了立案审查调 查。 经查，孙超身为国有企业领导干部，理想信念丧失，纪律和规矩意识淡漠，无视中央八项规定精神，频 繁违规收受礼品礼金，违规接受、提供宴请，违规公款吃喝；违背组织原则，多次在员工录用、绩效考 核、岗位调整等工作中违规为他人谋取利益；廉洁意识淡薄， ...

中央纪委国家监委网站2月2日通报，据中央纪委国家监委驻中国移动纪检监察组、云南省纪委监委消 息：日前，经中央纪委国家监委批准，中央纪委国家监委驻中国移动纪检监察组、云南省怒江傈僳族自 治州监察委员会对中国移动通信集团云南有限公司原党委委员、副总经理孙超严重违纪违法问题进行了 立案审查调查。 经查，孙超身为国有企业领导干部，理想信念丧失，纪律和规矩意识淡漠，无视中央八项规定精神，频 繁违规收受礼品礼金，违规接受、提供宴请，违规公款吃喝；违背组织原则，多次在员工录用、绩效考 核、岗位调整等工作中违规为他人谋取利益；廉洁意识淡薄，违规借用供应商钱款，违规从事营利活 动；不正确履行职责，对生产经营中存在的问题不核实、不追责；利用职务便利帮助他人承揽项目和业 务，并非法收受巨额财物，涉嫌受贿犯罪。 孙超严重违反党的组织纪律、廉洁纪律、工作纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八 大、十九大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条 例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国移动通信 集团有限公司党组研究，决定给予孙超开除党籍处分；由中 ...

韩伟严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律，构成严重职务违法并涉嫌受贿犯罪，且 在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条 例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国移动通信 集团有限公司党组研究，决定给予韩伟开除党籍处分；由中央纪委国家监委驻中国移动纪检监察组给予 韩伟政务开除处分；收缴其违纪违法所得。吉林省松原市监察委员会将其涉嫌受贿犯罪问题移送检察机 关依法审查起诉，所涉财物随案移送。 经查，韩伟身为国有企业领导干部，理想信念丧失，纪律和规矩意识淡漠，违反政治纪律，对抗组织审 查；违反中央八项规定精神，频繁违规收受礼品礼金，多次违规接受宴请和旅游安排；违背组织原则， 违反干部选拔任用规定，多次在员工录用、岗位调整工作中违规为他人谋取利益；廉洁意识淡薄，在交 通、生活等方面谋取特殊待遇，违规公款报销个人费用，利用职权为特定关系人谋利；违反工作纪律， 插手干预采购活动。利用职务便利帮助他人承揽项目和业务，并非法收受巨额财物，涉嫌受贿犯罪。 中央纪委国家监委网站2月2日通报，据中央纪委国家监委驻中国移动纪检监察 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300560 | 中富通 | 15.84 | 4.14% | 21.24万 | 3.40亿 | | 603559 | ST通脉 | 6.80 | 3.82% | 15.10万 | 1.03亿 | | 300442 | 润泽科技 | 84.66 | 3.46% | 91.08万 | 77.38亿 | | 300959 | 线上线下 | 93.01 | 3.22% | - 5.34万 | 5.00亿 | | 300310 | 官通世纪 | 6.61 | 0.92% | 35.71万 | 2.39亿 | | 603881 | 数据港 | 37.89 | 0.85% | 83.69万 | 31.96亿 | | 300050 | 世纪鼎利 | 5.76 | 0.70% | 26.93万 | 1.58亿 | | 300921 | 南凌科技 | 27.65 | 0.36% | 17.04万 | 4.73亿 | | 300211 | *ST亿通 | 8.44 | ...

Core Viewpoint - The adjustment of the value-added tax rate from 6% to 9% for telecom services by major Chinese telecom operators will impact their revenue and profits, as announced by China Mobile, China Telecom, and China Unicom [1] Group 1: Tax Rate Adjustment - The tax rate for telecom services will increase from 6% to 9% starting January 1, 2026, as per the announcement from the Ministry of Finance and the State Taxation Administration [1] - The adjustment categorizes mobile data services, SMS, MMS, and internet broadband access from value-added telecom services to basic telecom services [1] Group 2: Financial Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion respectively, with a decline in growth rates [1] - China Mobile's average revenue per user (ARPU) decreased to 48 yuan from 49.5 yuan year-on-year, while China Telecom's ARPU for 2024 was reported at 45.6 yuan [1] Group 3: Market Dynamics - Despite the tax increase, experts suggest that significant price hikes for consumers are unlikely due to the competitive market environment [2] - The shift from value-added to basic telecom services indicates a trend towards more inclusive pricing for mobile data and related services [2] Group 4: Emerging Business Growth - Telecom operators are accelerating their transition from traditional services to emerging businesses such as AI, computing power, and cloud computing [2] - Revenue from emerging businesses reached 168.1 billion, growing by 28.8% year-on-year, with cloud computing and big data showing remarkable growth rates of 94.8% and 33.3% respectively [2]

Market Performance - The Hang Seng Index closed down by 2.23% and the Hang Seng Tech Index fell by 3.36% [1] - Precious metals experienced significant declines, with Shandong Gold and Chifeng Gold dropping over 12%, Lingbao Gold down over 8%, and China Silver Group also down over 8% [1] Automotive Sector - Automotive stocks declined, with BYD falling nearly 7% and Xpeng Motors down over 6% [1] Telecommunications Sector - The three major telecom operators collectively weakened, with China Unicom down over 6%, China Telecom down over 5%, and China Mobile down over 2% [1] - The adjustment of the value-added tax rate for telecom services from 6% to 9% will impact the revenue and profits of these three companies [1]